Gold
struggled below $1,300 an ounce on Friday as U.S. jobs and factory data
indicated brighter prospects for the economy, hurting the metal's
appeal as an investment hedge.
Spot
gold was little changed at $1,296.30 an ounce by 0021 GMT, after
dropping 0.7 percent on Thursday. The metal is still up 0.6 percent for
the week on earlier gains on Ukraine tensions.
New
applications for U.S. unemployment benefits hit a seven-year low last
week while consumer prices recorded their largest increase in 10 months
in April, pointing to a firming economy. Factory activity in New York
state expanded at its quickest pace in nearly four years in May.
Regulatory
data showed that hedge fund Paulson & Co in Q1 maintained its stake
in SPDR Gold Trust, the world's biggest gold-backed exchange-traded
fund as bullion prices rebounded from their biggest annual loss in 32
years in 2013, while PIMCO dissolved its gold ETF investment.
Source : Reuters
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